3 women who used business loans to grow
Getting a small business off the ground is no easy feat, but having enough cash flow and capital to actually grow it is a different kind of challenge.
It can be frustrating when traditional lenders are unable to help, but the good news is, funding doesn’t begin and end with the big banks anymore.
Simply Beautiful Hair & Beauty
If you’re facing a tough economic climate, the solution may be to invest in your business and grow your profit. When Perth-based day spa Simply Beautiful Hair and Beauty decided to expand in August 2016, owner Suzanne Flanders needed finance to do it.
Like an increasing number of female entrepreneurs, she did her research online and applied for a small business loan through an online lender. The Prospa-powered Reckon Loans appealed to Suzanne for its streamlined process and she was quickly approved and given access to the funds she needed.
“It was hassle free, they only considered my main business account, not my personal financial situation, and I did not have to provide any other paperwork,” she says.
Suzanne used the funds to expand the rooms in the salon, invest in marketing and bring in a new brand, Skinstitute. “It’s already been very successful, and I’m hopeful that once we get through these tough economic times, business will improve significantly.”
When Yesha Avsar turned to the banks so she could expand her Sydney-based Just Pets business, not one of the traditional lenders would help due to her age and lack of credit history.
Yesha applied for funding via online lender Prospa and was amazed to complete the loan application over the phone in less than half an hour, receiving access to the funds just a few days’ later.
Yesha used the funds to add extra stock to the shelves of her 400sq-foot warehouse and to put in a self-serve dog wash she hadn’t been able to afford before. “We’re now doing about 300 dog washes a week and it’s bringing in additional sales while customers are in store,” she explains.
Since then, Yesha has applied for extra funding to expand further and loves the flexibility of a non-bank lender. “Repayments are made daily, which eases the pressure of dealing with a huge lump sum at the end of the month. This makes managing cash flow much simpler.”
Running her business out of the cash register and turning down opportunities because the big banks wouldn’t even give her finance was something Truly Tea owner Nyoli Scobie was used to.
“I was asked to supply airlines and tender for the Commonwealth Games, but I couldn’t do any of it without funding – because I’d have to supply product up front, and it would’ve sent me broke,” says the Byron Bay-based business owner.
But when Nyoli was offered the chance to supply tea to the entire Opera House, she didn’t miss a beat. “I instantly said yes, then got off the phone and thought, now what,” she laughs. “That’s when a contact of mine told me about Prospa and I gave them a call.”
Nyoli had the money she needed in 24 hours and says Prospa’s help has been a game-changer for her business, allowing her to win an export contract to supply tea to Korea, with other international opportunities on the radar. “Prospa was really interested in my business. And that was the big difference. Now I don’t need to miss opportunities anymore. How amazing is that?”
Looking for help growing your business? Talk to Prospa, Australia’s leading online provider of small business loans.
To celebrate International Women’s Day, some of Australia’s leading female entrepreneurs share the advice that helped them smash their goals.Keep reading
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